AMPX Ampex Corp Class A (MM)

On March 7, 2008, Ampex Corporation (“Ampex” or the “Company”) announced that Robert L. Atchison has retired as Vice President of the Company and as President and a director of Ampex Data Systems Corporation (“Data Systems”), a wholly owned subsidiary of the Company. Mr. Atchison’s retirement took effect on March 7, 2008, and the Company expects that he will continue to consult with the Company for a three-month period thereafter. Lawrence (Larry) Chiarella has been hired to replace Mr. Atchison, effective as of March 5, 2008. Mr. Chiarella will serve as the President of Data Systems.

Mr. Chiarella, age 63, previously served as Senior Vice President and General Manager of Fujifilm Recording Media Manufacturing, U.S.A., Inc., a subsidiary of Fujifilm that manufactures state-of-the-art, high capacity data storage tape cartridges, where he oversaw manufacturing and sales operations . From 1982 to 1996, Mr. Chiarella held senior management positions with Philips Technologies , a manufacturer of precision electro-mechanical components, including Vice President and General Manager of its Mechatronics Division and President of its Airpax Singapore subsidiary.

The Company has entered into an agreement with Mr. Chiarella pursuant to which he will receive annual base salary compensation at the rate of $240,000, subject to annual review, and will be eligible for incentive compensation in the form of a cash bonus, based upon the attainment of specific financial objectives. Payment of his bonus for 2008 performance is targeted at approximately $190,000, half of which is guaranteed. Mr. Chiarella will be entitled to certain relocation benefits and to salary continuation benefits in the event that the Company terminates his employment other than for cause. He will also be eligible to participate in certain employee health and benefit plans, and will be indemnified by the Company on the same terms as apply to the Company’s other officers.

A copy of Ampex’s press release dated March 7, 2008 announcing the foregoing events is included as Exhibit 99.1 to this report and is incorporated herein by reference.